Parker-Hannifin (NYSE:PH) Shares Gap Down to $528.90

Parker-Hannifin Co. (NYSE:PHGet Free Report)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $528.90, but opened at $513.25. Parker-Hannifin shares last traded at $500.69, with a volume of 182,069 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. KeyCorp upped their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price objective for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Barclays cut their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Stifel Nicolaus increased their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Finally, Bank of America increased their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $566.33.

Get Our Latest Analysis on Parker-Hannifin

Parker-Hannifin Stock Down 6.3 %

The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The stock has a market cap of $63.67 billion, a P/E ratio of 23.60, a PEG ratio of 2.13 and a beta of 1.46. The firm has a 50-day simple moving average of $540.89 and a two-hundred day simple moving average of $509.71.

Parker-Hannifin (NYSE:PHGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter last year, the business earned $5.93 earnings per share. Parker-Hannifin’s revenue was up .3% on a year-over-year basis. Equities research analysts expect that Parker-Hannifin Co. will post 24.84 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a $1.63 dividend. The ex-dividend date was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.32%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sapient Capital LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter worth approximately $1,392,000. abrdn plc increased its holdings in Parker-Hannifin by 57.8% in the fourth quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after purchasing an additional 20,073 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Parker-Hannifin in the fourth quarter worth approximately $4,068,000. Turtle Creek Wealth Advisors LLC bought a new stake in Parker-Hannifin in the fourth quarter worth approximately $3,305,000. Finally, Independent Advisor Alliance increased its holdings in Parker-Hannifin by 8.3% in the fourth quarter. Independent Advisor Alliance now owns 16,234 shares of the industrial products company’s stock worth $7,479,000 after purchasing an additional 1,243 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Company Profile

(Get Free Report)

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.

Further Reading

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